Football
ESPN staff 8y

Espanyol set for Rastar Group takeover, Chinese company announces

A Chinese company has announced that it is to buy a majority stake in Espanyol and then invest up to €45 million.

The Rastar Group is set to buy a 56 percent stake in Espanyol after reaching an agreement in principle with the largest shareholders of the Spanish club, Daniel Sanchez Llibre and Ramon Condal.

Rastar announced on Monday that its Hong Kong unit will pay €78 per share, in a deal valued between €143m and €178m.

According to Reuters, Rastar said in a Chinese filing on the Shenzhen stock exchange: "The company hopes that the deal will help it expand its interactive entertainment business in the sports sector."

It added that it would then increase investment in the club by up to €45m.

Barcelona-based Espanyol are currently 10th in La Liga.

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